Thailand, Indonesia, Malaysia to trim rubber exports
Three large producers of natural rubber in Southeast Asia, namely Thailand, Indonesia, and Malaysia, have agreed to cut down rubber exports by some 200,000-300,000 tonnes to tackle the decreasing price of the commodity.
Thailand, Indonesia and Malaysia will cut down rubber exports to tackle the decreasing price of the commodity.(Photo: Antaranews.com)
Jakarta (VNA) – Three large producers of natural rubber in SoutheastAsia, namely Thailand, Indonesia, and Malaysia, have agreed to cut down rubberexports by some 200,000-300,000 tonnes to tackle the decreasing price of the commodity.
The three had come up with a scheme called the Agreed Export Tonnage Scheme(AETS) during their meeting at the International Tripartite Rubber Council(ITRC) last month in Bangkok, Thailand.
Coordinating Minister for Economic AffairsDarmin Nasution elaborated that the AETS will begin implementation in the nextthree months.
All details regarding AETS will be discussedfurther during the Senior Official Meeting of the ITRC on March 4 in Thailand.
In terms of each country’s contribution ofrubber production, Thailand was the highest with 52 percent; Indonesia, 38percent; and lastly Malaysia, 10 percent.
This rubber export reduction policy is importantto restoring the fundamental price of natural rubber, which is presently pricedat 1.45 USD per kg. Meanwhile, for a farmer, the price is even lower, ranging between7,000-7,500 IDR (0.5-0.55 USD) per kg.
Aside from the reduction of rubber exports, the two other strategies that the ITRChas come up with are the Demand Promotion Scheme related to domesticconsumption in each country and the Supply Management Scheme concerning thecommitment to replanting natural rubber trees. –VNA
The natural rubber output of Malaysia in September was 49,022 tonnes, falling 22 percent on a monthly basis, according to the country’s Department of Statistics.
The Thai Cabinet recently approved an aid package worth 18.6 billion baht (551 million USD) to help the country’s rubber sector currently affected by falling prices.
Vietnam exported about 1.58 million tonnes of rubber in 2018 – worth 2.1 billion USD and up 14.5 percent in volume, but down 6.6 percent in value year-on-year, the General Department of Vietnam Customs reported.
Vietnam earned 220 million USD from shipping 175,000 tonnes of rubber abroad in January, up 10.8 percent in value and 28.9 percent in volume compared to the same month last year.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Thailand, Indonesia and Malaysia will cut down rubber exports to tackle the decreasing price of the commodity.(Photo: Antaranews.com)
